Source: CNBC
April 17, 2020
With rooms sitting empty, smaller hotel operators are weighing options to defer debt payments and in some cases close properties.
While the pain caused by disruptions from the coronavirus pandemic is being felt across the travel industry, it is particularly acute for the Indian diaspora in the U.S. Nearly 50% of U.S. hotels are owned by Americans with origins in South Asia, according to the Asian American Hotel Owners Association.
Now many in the community have been scrambling to apply for the government’s Paycheck Protection Program loans, with some finding success.
Hotel owner Azim Saju and his team at HDG Hotels applied for 19 separate loans after seeing occupancy levels plunge. All were approved.
